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DNO shares jumped by reports of Iraqi Kurdistan oil
deal
17.4.2008
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April
17, 2008
OSLO, -- Shares in Norwegian oil and gas
producer DNO jumped as much as 24 percent on
Wednesday on unconfirmed reports of a political
agreement for Baghdad to back oil contracts signed
by the Kurdistan regional government.
DNO, the first western firm to drill for oil in Iraq
after the U.S.-led liberation, has production
sharing contracts with the Kurdistan government. It
needs Baghdad's permission to start exporting its
oil from north Iraq.
"We don't have any other information other than
what's been seen in the media," DNO Chief Executive
Helge Eide told Reuters.
Norwegian financial news agency TDN Finans picked up
reports saying that Baghdad has reached a deal with
Kurdistan on oil.
DNO stock traded up 20.6 percent at 10.53 crowns at
0857 GMT, making it the biggest gainer in Oslo where
the bourse was up 1.2 percent. |
Kurdistani oil fields |
Eide said on April 3
that he was
"quite confident"
of gaining a licence to export Iraqi Kurdistan oil
in 2008,www.ekurd.net
enabling it to quadruple
production to about 30,000 barrels per day.
Copyright, respective author or news agency, Reuters
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